US100 - Riding the Ascending Channel Towards $22800NASDAQ is showing a very clear and well-respected ascending channel, with price moving steadily within its bounds. Each pullback has been relatively shallow, and buyers continue to step in near the midline or lower boundary of the channel. This is classic trending behavior, with bullish structure intact and momentum favoring continuation higher.
Break and Flip of Resistance into Support
A key resistance level has just been broken, and more importantly, it has now flipped into support. Price retested this zone cleanly after the breakout, confirming the shift in order flow and adding confidence to the current leg up. This kind of structure shift is significant, especially when paired with a strong trending environment like this one.
Daily Resistance Ahead
Looking ahead, there’s a major daily resistance level just above. This area has acted as a reaction zone in the past and will likely bring some short-term volatility or hesitation. However, in the context of the current trend, that resistance could be used as fuel for the next breakout. If price manages to pierce through it with strength and hold above, it would open the path for a move toward the upper boundary of the channel.
Plan and Expectation
The ideal scenario now is simple: I want to see a clean break above the daily resistance, followed by a retest and confirmation of support. That would set up a strong continuation move targeting the top of the channel. If the resistance holds, I’ll wait for signs of weakness or range formation, but as long as we remain inside this rising structure, the bias remains bullish.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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